FINANCE CRYPTO
WHAT DO YOU DO WHEN YOUR ENTIRE LIFE'S SAVINGS VANISHES IN A PUFF OF SMOKE? OR, WHEN YOU CAN NO LONGER ACCESS THE MONEY YOU HAVE PAINSTAKINGLY SAVED FOR A RAINY DAY?
NETFLIX'S LATEST DOCUMENTARY-TRUST NO ONE-THE HUNT FOR THE CRYPTO KING-ANSWERS PARTS OF THESE QUESTIONS AND SERVES AS A CAUTIONARY TALE FOR PEOPLE INVESTED IN THE CRYPTOCURRENCY MARKET. WATCHING THE DOCUMENTARY AND UNDERSTANDING ITS IMPLICATIONS CAN MAKE YOU GRASP YOUR BITCOIN A LITTLE CLOSER TO YOUR CHEST OR WITHDRAW FROM THE MARKET ENTIRELY.
THE TRUE-CRIME DOCUMENTARY DEPICTS THE STORY OF A 30-YEAR-OLD CANADIAN, GERALD COTTEN, CO-FOUNDER AND CEO OF QUADRIGACX-A CANADA-BASED CRYPTOCURRENCY EXCHANGE-WHO DIED UNDER MYSTERIOUS CIRCUMSTANCES IN JAIPUR.
COTTEN'S DEATH DUE TO COMPLICATIONS FROM CROHN'S DISEASE, WHILE LEAVING HIS CUSTOMERS IN A FINANCIAL LURCH, RAISED AS MANY QUESTIONS AS THE AMOUNT OF MONEY IT RENDERED INACCESSIBLE FOR HIS CUSTOMERS. INVESTIGATIONS INTO HIS DEATH CARRIED OUT BY FINANCIAL REGULATORS, JOURNALISTS AND QUADRIGACX'S CUSTOMERS IN CANADA AND THE US REVEALED MANY SORDID DETAILS. FOREMOST AMONG THEM WAS THE ALLEGATION THAT HE HAD BEEN DEFRAUDING HIS CUSTOMERS SINCE LONG BEFORE HIS DEATH IN DECEMBER 2018.
While his death not only rendered nearly $250 million in cash and cryptocurrencies inaccessible, since he stored them in a wallet protected by a unique key-which apparently only he knew-it also highlighted how vulnerable cryptocurrency users' money really is.
A closer look at the ledgers of the wallets revealed that he had many fake accounts within QuadrigaCX and used fake funds to buy real cryptos from other customers which he traded on other exchanges in the hope of making a quick buck.
This story is from the June 12, 2022 edition of Business Today.
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This story is from the June 12, 2022 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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